SHORT-TERM LOAN FOR SINGLE FAMILY LAKEFRONT PURCHASE IN NEVADA COUNTY, CA

in mid-May 2020 select counties in California permitted a limited number of business sectors to reopen, one of which was non-essential residential real estate. Our purchaser, who also happens to be an investor of Rubicon Mortgage Fund loved living in Penn Valley, CA, but had been wanting to live lakeside for years. When this property became available, our borrowers jumped at the opportunity and wanted to close on the purchase as quickly as possible. Using their existing home as additional collateral, they were able to generate additional cash for their purchase. Rubicon secured a 1st Deed of Trust on the lakeside home, and a 3rd position on the borrower’s current residence to provide a 6-month loan at 60% LTC ($449,000 loan for a $775,000 purchase). By early August 2020 Borrowers prior home has been sold and the new home’s refinance with a conventional lender is almost complete!